ReactiveCocoa is a framework that uses functional reactive programming to simplify asynchronous dataflow and change management in Cocoa apps. It provides RACSignals to unify common Cocoa patterns like delegation, KVO, notifications into a single interface. Operations on RACSignals like map, filter, combine allow transforming and combining event streams. This allows implementing reactive patterns like MVVM and handling concurrency easily. While it requires a paradigm shift, ReactiveCocoa reduces code and simplifies managing app state and asynchronous events.